Let’s weigh the pros and cons… choosing to own a vacation property or second property can offer you many exceptional advantages, but are your ready for the commitment?
Great Investment Real estate has historically risen in value, especially in areas with limited availability.
Rental Income If you choose to rent, you can benefit from additional income.
Retirement Test Drive Experience the benefits of retirement ahead of time & see if the reality lives up to the dream.
Convenience Your vacation property allows you to take holidays at the drop of a hat, without the hassle of that extra baggage.
Upfront Fees A vacation home will very likely cost more than renting. You also have to furnish and decorate.
Mortgage Costs Down-payments are often greater (30-35%) as are the interest rates.
Upkeep Expenses Just as you do at home, you’ll have to maintain your vacation property.
Justification Since you have made the investment you will feel obliged to visit it. Make sure you’ll love it as much as you do right now.
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Source: Mortgage Architects